Tech Damac to spend $3bn on data centres in Southeast Asia Edgnex, the data centre subsidiary of Dubai’s Damac Group, is planning to invest $3 billion in sites across Southeast Asia over the next three to five years. The investment is part of a $7 billion digital infrastructure strategy that aims to meet rising demand for artificial intelligence and cloud computing, Danish Nayar, Damac’s senior vice-president […] December 4, 2024
Real Estate Aldar acquires unfinished commercial tower in DIFC Abu Dhabi’s largest developer, Aldar Properties, has acquired an unfinished commercial tower in the Dubai International Financial Centre (DIFC) for AED2.3 billion ($626 million), as it continues its expansion into its neighbouring emirate. The tower, bought from H&H Development, has 40 floors of commercial and retail space and is due for completion in 2028. It is […] December 4, 2024
Real Estate Abu Dhabi citizens receive $3.6bn in housing benefits To coincide with the UAE’s Eid Al Etihad celebrations, thousands of Abu Dhabi citizens have received housing benefit packages worth a total of AED7.72 billion ($2.1 billion). This package, the third awarded this year, brings the total value of housing benefits disbursed to Emiratis during 2024 to AED13.2 billion ($3.6 billion) This week 5,374 Emirati […] December 3, 2024
Analysis Real Estate Reforms pay off as Sharjah property market surges ahead Successive reforms in Sharjah’s property market and sky-high rental prices in neighbouring Dubai are contributing to a surge in the price and popularity of the emirate’s rental properties. According to a report by property management firm Asteco, rental prices for the third quarter of 2024 in Sharjah increased 16 percent year on year for typical […] December 3, 2024
Infrastructure $54bn private investment sought for Abu Dhabi infrastructure Abu Dhabi is overseeing more than 600 infrastructure projects valued at more than AED200 billion ($54 billion), representing an opportunity for the private sector to collaborate on a pipeline of projects that are integral to the emirate’s Economic Vision 2030 plan, a senior official said. The projects, being led by the Abu Dhabi Projects and […] December 2, 2024
Real Estate Qatar’s real-estate buyers wait on lower interest rates Consumer expectations that interest rates will continue decreasing in the coming months appear to have dented Qatar’s residential real-estate market growth in the third quarter of this year. Mortgage transactions fell 10 percent in Qatar from July to September over the previous three months, and 8.5 percent over the same period last year, according to […] November 28, 2024
Real Estate Egypt and Qatar to explore ‘major’ real-estate project Egypt will collaborate with Qatar on a “major real estate project” in the North Coast region, prime minister Mostafa Madbouly said. The Gulf country has sought investment opportunities in the tourism and hospitality sectors, local media reported, citing the prime minister, who met his Qatari counterpart Sheikh Mohammed bin Abdulrahman Al-Thani in Egypt. No other […] November 28, 2024
Analysis Giga-projects Rise in major US law firms setting up in Saudi Arabia Attracted by the host of complex and potentially lucrative legal issues raised by Saudi Arabia’s development push, several of the largest law firms in the US are formally setting up shop in the kingdom, either directly or through mergers and acquisitions. Among those making the leap is Atlanta-based company King & Spalding. A spokesperson confirmed […] November 28, 2024
Analysis Real Estate Why Saudi real estate stocks are less popular than you might think Saudi Arabia has rising property prices, soaring homeownership rates and steady mortgage approvals – so you might think its real estate sector would be in high demand on the stock market. This is the case in Dubai, where Emaar Properties and its subsidiaries serve as a proxy for equity investors to gain exposure to the […] November 27, 2024
Real Estate Bahrain’s GFH buys $300m US student housing assets GFH Partners, the DIFC-based asset management arm of Bahrain-based GFH Financial Group, has acquired student housing in the United States valued at $300 million. The assets have been added to GFH Partners’ US student housing platform, which now has more than 5,500 beds and assets under management worth $900 million. The assets are 99 percent […] November 25, 2024
Real Estate ANAX Developments to add $1bn to Dubai’s real estate sector Dubai’s ANAX Developments plans to build more than 2,000 homes in Dubai and contribute $1 billion to the emirate’s real estate market in a pipeline of new projects. This includes developments in Al Furjan, Meydan and Dubai Islands. Apartments at Evora Residences in Dubai’s Al Furjan neighbourhood are scheduled for completion by the third quarter […] November 25, 2024 In association with
Real Estate Turks drawn to overseas property investments Turkish property investors are increasingly looking further afield as they seek real-estate opportunities. High interest rates and cooling returns on assets at home make the domestic market less appealing both to Turks and foreigners. While Turkey remains a property investment destination, with a net positive balance of capital movement, inflows are tapering off just as […] November 22, 2024
Construction Bahrain to tender for ‘airport city’ in early 2025 Bahrain will issue tenders early next year to build a new “airport city” based around the existing Bahrain International Airport. The project will include commercial and residential development, according to Mohamed Yousif AlBinfalah, CEO of Bahrain Airport Company. “We have a significant amount of space that will be coming to the market soon for development,” […] November 19, 2024
Analysis Construction Jeddah Tower will be world’s tallest building, but sky’s the limit Since the invention of the modern high-rise in the early 1900s, to the completion of the Burj Khalifa in 2010, the height of the tallest building in the world grew nearly five fold, or 661 metres, going from the 167 metres of the Philadelphia City Hall to the Burj’s 828 metres. The Jeddah Tower, on […] November 15, 2024
Analysis Real Estate Building more homes a better strategy for Kuwait, say experts Kuwait has tightened property ownership restrictions on non-GCC nationals in an attempt to make real estate more affordable for locals, but industry watchers say building more homes would be the better strategy. The small, oil-rich emirate has already imposed strict standards on nationals of countries from outside the Gulf who wanted to purchase domestic real […] November 15, 2024
Construction Banks vying to fund Roshn’s Saudi expansion Saudi real estate developer Roshn, a subsidiary of the Public Investment Fund (PIF), is reporting strong interest from banks eager to finance its projects, and demand is so high that some lenders have been turned away, according to a senior executive. In contrast to this momentum, Saudi Arabia’s other giga-projects face financing constraints, with resources […] November 14, 2024
Construction US hardwood all the rage as UAE imports rise The UAE’s imports of US hardwood have spiked dramatically in the first three quarters of this year amid the construction boom in the emirates and neighbouring Saudi Arabia, as well as GCC consumers’ current preference for oak and walnut finishes. The value of American hardwood lumber sold in the UAE rose from approximately $9.5 million […] November 13, 2024
Video length: 06:30 VIDEO Real Estate Minister trumpets Saudi Arabia’s $168bn housing push Real estate transactions in Saudi Arabia have totalled $168 billion so far this year, the Saudi minister of municipalities and housing, Majed Al Hogail, told a real estate forum in Riyadh this week. Speaking at the Cityscape exhibition, which is trying to promote Riyadh-centred giga-projects, the minister said that Saudi Arabia is pushing to finish […] November 13, 2024
Construction Emaar revenue surges 30% on strong property sales Revenues of Emaar Properties, Dubai’s largest listed real estate company, rose 30 percent year on year in the first nine months of 2024, driven by growth in property sales. The top line reached AED23.8 billion ($6.5 billion), up from AED18.4 billion a year earlier. Property sales hit AED50 billion in the first nine months of […] November 12, 2024
Construction RAK Properties revenue up 30% on new project launches RAK Properties reported a 30 percent year-on-year increase in revenue to AED891 million ($242.6 million) in the first nine months of 2024. The top line growth was supported by Mina Al Arab’s project portfolio expansion across residential, commercial and hospitality projects. Net profit rose to AED133.4 million in the first nine months, up 21 percent, […] November 10, 2024
Analysis Tax Buoyant property market puts billions in Dubai’s coffers Dubai authorities have recorded a five-fold surge in the sums they earn from fees related to real estate transactions over the past five years to almost $4 billion, as the emirate’s property market grows stronger and prices rise sharply, AGBI has calculated. The transfer fee, payable to the Dubai Land Department (DLD) upon a sale, […] November 8, 2024
Real Estate Kingdom Holding’s profit rises 36% to $319m Kingdom Holding Company (KHC), founded by Saudi billionaire Prince Alwaleed Bin Talal and the developer behind what will be the tallest tower in the world, said nine-month 2024 net profit jumped 36 percent to SAR1.2 billion ($319.4 million) from SAR856 million a year ago. The higher profit was driven by an increase in the share […] November 7, 2024
